Profits and rising stock prices in a system of economic nationalism and cronyism reflect the satisfaction of the desires of those with political power.
As Hayek long argued, a free society is governed by general, abstract rules that are equally applicable to all persons, including government actors.
There’s more to travel than the sticker price of different ways of getting from point A to point B.
Are interest rates not prices? And if so, should they not be discovered instead of imposed?
Because the Cajun Navy consists of local volunteers who operate “on the ground” (or above the ground, on the water), they have access to local knowledge that other entities do not. Economist F.A. Hayek’s claim that knowledge is both dispersed and specific to time and place requires that we consider how various institutional structures are able or unable to make use of knowledge.
For more Hayekian insight into the extent and constraints of human knowledge be sure to read Hayek’s seminal work, “The Use of Knowledge in Society” (pdf).
Professor Barry Brownstein has written an excellent piece for the Foundation for Economic Education, titled “The Last Thing We Need Is a Brilliant President.” He writes that in the midst of America’s current race for the White House, people are promoting the brilliance of their preferred candidates, arguing that the right leader will help get […]
The following appeared on Professor Don Boudreaux’s blog Cafe Hayek on January 24th, 2016. The following is an excerpt. Be sure to head over to his blog to check out the whole piece packed full of economic wisdom. In The Road to Serfdom,* F.A. Hayek makes an elaborate and important point that is summarized nicely, I […]
F.A. Hayek was highly critical of central banking and of government’s proclaimed interest in holding a monopoly on the issuance of money. Hayek eventually turned his opinions on money and free banking into an economic treatise in the book “The Denationalization of Money“. Some even say Hayek predicted the emergence of Bitcoin nearly three decades […]
Jimmy Wales, founder of Wikipedia, was influenced Friedrich Hayek’s essay, “The Use of Knowledge in Society” which argues that information is decentralized. You know it’s true, because it says so on Wikipedia, but if you’re looking for other sources, it’s corroborated by this New Yorker article, and Wales even went on EconTalk with Russ Roberts […]
For more from Hayek on what he and fellow Austrian economists referred to as the knowledge problem be sure to check out Hayek’s seminal essay, “The Use of Knowledge in Society.”
Richard A. Epstein is the inaugural Laurence A. Tisch Professor of Law and Director of the Classical Liberal Institute at the New York University School of Law. He is also the James Parker Hall Distinguished Service Professor of Law Emeritus and senior lecturer at the University of Chicago. He served as editor of the Journal […]
Today’s quote is brought to you by none other than F.A. Hayek from his book The Constitution of Liberty: “If one objects to the use of coercion in order to bring about a more even or more just distribution, this does not mean that one does not regard these as desirable. But if we wish […]